Earnings Update
CleanMax Reports Record EBITDA and Strong Renewable Energy Portfolio Growth in FY26
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Clean Max Enviro Energy Solutions Ltd reported strong FY26 operational and financial performance with record EBITDA, sharp PAT growth, expanding renewable energy portfolio, and rising demand from data centre and AI customers.
PRICE-SENSITIVE TRIGGER
Event: Q4 FY26 and FY26 audited financial results announcement
Type: Earnings Update
Impact: Positive
Immediate Effect: Strong growth in revenue, profitability, renewable energy capacity, and contracted portfolio strengthens CleanMax’s leadership position in the commercial and industrial renewable energy segment.
Key Metrics:
- FY26 Revenue from Operations: ₹1,913 Crore
- FY26 EBITDA: ₹1,295 Crore
- FY26 PAT: ₹85.6 Crore
- FY26 Revenue Growth: 28% YoY
- FY26 EBITDA Growth: 28% YoY
- FY26 PAT Growth: 340% YoY
- Q4 FY26 Revenue: ₹557 Crore
- Q4 FY26 EBITDA: ₹350 Crore
- Q4 FY26 PAT: ₹45.4 Crore
- Q4 FY26 PAT Growth: 165% YoY
- Contracted RE Portfolio: ~5.7 GW
- Operational RE Capacity: ~3.1 GW
- Contracted Yet-to-be-executed Capacity: ~2.6 GW
- Weighted Average PPA Tenor: ~23 years
- Net Debt / Adjusted EBITDA: ~4.75x
- Project Debt Cost: 8.5%
Highlight:
- Label: Highest-Ever EBITDA
- Value: ₹1,295 Crore in FY26
What Happened ?
Clean Max Enviro Energy Solutions Ltd announced audited Q4 FY26 and FY26 results, reporting record EBITDA and strong growth across its renewable energy platform.
Revenue from operations increased 28% YoY to ₹1,913 crore while EBITDA also rose 28% YoY to ₹1,295 crore. PAT surged 4.4x to ₹85.6 crore during FY26.
The company expanded its contracted renewable energy portfolio to approximately 5.7 GW and operational power sales capacity to around 3.1 GW. Demand from the data centre and AI segment emerged as a key growth driver during the year.
key highlights
Operational & Strategic Highlights:
- Contracted renewable energy portfolio reached approximately 5.7 GW as of March 31, 2026.
- Operational renewable energy capacity grew nearly 80% YoY to ~3.1 GW.
- Contracted yet-to-be-executed renewable energy capacity stood at ~2.6 GW.
- Including RE services, total contracted portfolio reached ~6.5 GW.
- Data centre and AI segment contributed around 42% of contracted RE portfolio.
- Contracted capacity from the data & AI segment increased nearly 10x between FY24 and FY26.
- Company commissioned its first 525 MWp CTU-connected project in Rajasthan.
- Apple and CleanMax entered a strategic co-investment partnership for a 150 MW renewable energy portfolio.
- Partnerships expanded with hyperscalers and data centre operators including STT Global Data Centres, Iron Mountain Data Centers, and Princeton Digital Group.
- Customer base increased to 588 customers with repeat customers contributing nearly 74% of newly contracted volumes.
- Weighted average PPA tenure remained strong at approximately 23 years.
- Company guided annual commissioning volume above 1.5 GW for FY27.
Note:
- Management highlighted disciplined project execution, improving capital efficiency, and strong demand visibility from long-term contracted renewable energy projects.
Risk Analysis
Key Risks
- Large renewable projects involve execution and commissioning risks.
- Interest rate and borrowing cost fluctuations may impact returns.
- Dependence on long-term power purchase agreements remains significant.
- Policy or regulatory changes in renewable energy markets could impact growth.
- FX volatility may affect contracts linked to foreign currency exposures.
Worst Case Scenario
- Project delays, lower-than-expected renewable demand growth, financing challenges, or regulatory changes could impact profitability and expansion plans.
Risk Level: Medium
Company Commentary
- Management stated FY26 delivered the company’s highest-ever consolidated EBITDA.
- CleanMax highlighted strong operational leverage and margin expansion across the renewable energy business.
- The company emphasized disciplined leverage management and efficient capital deployment.
- Management identified data centres and AI-related renewable energy demand as a major long-term growth driver.
- CleanMax reaffirmed focus on long-duration contracted renewable energy infrastructure with predictable cash flows.
Official Exchange Filing: Clean Max Enviro Energy Solutions Limited